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August 7, 2014
Borealis takes full ownership of specialty polymers JV
Borealis AG (Vienna, Austria: www.borealisgroup.com)
has announced the signing of an agreement with DuPont Holding Netherlands B.V. to purchase the company's 67% shareholding in Speciality Polymers Antwerp N.V. Speciality Polymers Antwerp N.V., located in Zwijndrecht (Antwerp, Belgium) is a joint venture (JV) between DuPont Holding Netherlands B.V. (67%), Borealis Polymers N.V. and Borealis Kallo N.V. (together 33%).
"The acquisition of the full ownership of Speciality Polymers Antwerp is in line with our strategy to grow our polyolefin business in specific market areas", says Mark Garrett, Borealis Chief Executive. "Acrylate copolymers, which are part of a broader portfolio of specialty polymers produced at Speciality Polymers Antwerp, are an important building block for our value-added products sold into our core Energy & Infrastructure market."
Under the proposed arrangement, DuPont will continue to serve the market with ethylene vinyl acetate (EVA) and acrylate copolymers produced at the Speciality Polymers Antwerp facility. The transaction is subject to approval by the relevant competition authorities and will be presented to the employee representatives concerned.